SimplyAbuDhabi XXXVII

MM: I think this is just, to take one more on a very important point, so, the lessons of the 1980s in Japan, when hundreds of billions were returning even an economy as large as Japan, massive inflation occurred, and at one time the Imperial Palace, just the land, was valued at a higher price than the entire state of California. And so, Singapore and the GIC made the decision that you cannot invest. Norway has made that decision and obviously, the success and the wisdom you have is what has led you to believe you need to invest outside the country. KKM: These were the lessons we learned from looking at Singapore from looking at Japan from looking at Norway. So Mubadala started this investment strategy abroad. We invest in 15 sectors. We are present in operations now in over 50 countries. We have offices in Hong Kong, Moscow, New York, San Francisco, and Brazil. And we have truly, I think over the last 15 years, we’ve become a global player and we’ve built a successful track record by partnering. That’s really the ethos of Mubadala, we like to partner, and we like to partner with the best in class. We like to invest in successful companies, successful businesses. And I think from being a traditional investor, we have grown over the years by opening up new sectors. Certainly, technology was a space we did not invest in 10 years ago. We did not invest in that space five years ago. It was not a core business for us. We didn’t know how to invest in that space. Now we are and it’s a very important part of our growth strategy. You look at the agri-business, that’s a new space for us. You look at biotech, that’s a new space for us. So, we continuously, as an organisation, look at not just the past, but the future. We look after long-term returns. MM: So, if I’m another country, or in a group, and I’m an insurance company or sovereign wealth fund, can I co-invest with you today? Is there an arrangement we could make to use your team and leadership? KKM: So, we’ve done two things over the years. One, we’ve learned to co-invest very well. So that’s something we’re very good at. And two, we gain the confidence where about two years ago we decided we’re ready right now to actually manage third-party money. And we started our own fund and we manage investors’ funds, many of them in Europe and North America. And it’s been a successful business for us also. So, we’ve also evolved as an investor where we are not only managing the, the sovereign fund, but we’re actually managing other people’s funds and we’re doing it also well. MM: So, I think we’ve seen an evolution here in a short period of time, less than 40 years old. KKM: Sorry to interrupt you, but the key to everything I’ve described is people, it’s absolutely people. And one of the things I’m most proud of in Mubadala is what we have accomplished over the last 15 years in terms of developing our employees, developing leadership. We’ve had an immense amount of very talented individuals that work within Mubadala and that have graduated from Mubadala to very important positions, both here in the UAE and internationally. Our retention rates are very high because we have a great culture within the organisation that we’ve worked very hard to create and to maintain. We compensate fairly, and then people, you’ve seen it, we have, I think, a quality of life here in the UAE that is very high. So, it’s a nice place to live, it’s a nice place to raise a family. You are in a great organisation with great people working with you. You have a track record of keeping these people and compensating them fairly and then growing. I think that is really the recipe for our success, and it’s the people, that’s very important to know. Sorry to interrupt you. You are in a great organisation with great people working with you.” “